KL Sessions Courts convicts two ex-directors of Kosmo

  • Business
  • Thursday, 02 May 2019

In a statement issued yesterday, the SC said the Cabinet Special Committee on Anti-Corruption (JKKMAR) had approved its recommendation to require listed companies to put in place anti-corruption measures and a framework to promote the effective discharge of directors

KUALA LUMPUR: The Kuala Lumpur Sessions Court convicted two former directors and an accounts manager of Kosmo Technology Industrial Bhd for furnishing false statements to Bursa Malaysia Securities Bhd.

The Securities Commission said on Thursday Datuk Norhamzah Nordin and Mohd Azham  Mohd Noor, both 54, were the former group managing director and executive director of Kosmo. 

“They were charged in 2011 with eight counts of furnishing false statements to Bursa Malaysia in relation to Kosmo’s revenue figures in its unaudited quarterly reports from 2006 to 2007. 

“The revenue figures, which ranged from RM7mil to RM40mil, were found by the Sessions Court to be false as they contained fictitious sales,” it said. 

The SC said Helen Lim Hai Loon, 49, Kosmo’s accounts manager at the material time, was charged with abetting in the commission of the offences. 

Norhamzah and Mohd Azham were ordered by the Sessions Court to each pay a fine of RM1.45mil and serve a two-year imprisonment term. 

Lim was fined RM560,000.00 and ordered to serve a one-year imprisonment term. 

The SC said all the offences were committed under section 122B of the Securities Industry Act 1983 and section 369 of the Capital Markets and Services Act 2007.
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